Thursday, October 1, 2009

U.S. Initial Jobless Claims Rose 17,000 to 551,000

The number of Americans filing first-time claims for jobless benefits rose more than forecast last week, a sign companies are still cutting workers as the economy pulls out of the recession.

Applications rose by 17,000 to 551,000 in the week ended Sept. 26, from a revised 534,000 the week before, Labor Department data showed today in Washington.

The economy is on track for a jobless recovery and unemployment will likely remain high well into next year,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. “We’re just not seeing a pickup in hiring. It means a long road to full recovery.”

Forty-one states and territories reported an increase in claims, while 12 reported a decrease. These data are reported with a one-week lag.

Source: Bloomberg

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